Consumer-related stocks help lift TSX to record closing high

-Canada's stock market rose to a record high on Wednesday, led by gains for the utilities and consumer-related sectors, as long-term borrowing costs fell and investors grew less anxious about the prospect of sweeping U.S. tariffs on imports from Canada.

Investors have"had a day to think about the tariff situation and maybe it's not as bad as they originally thought," said Michael Sprung, president of Sprung Investment Management. "There's a lot of details to be worked out with these tariffs and I'm pretty sure President Trump does not want to be in a position to cause massive inflation in the U.S.," Sprung said."And the U.S. depends on Canada for a lot of energy products, whether it's oil, gas or electricity."

The consumer staples sector rose 1.9%, consumer discretionary was up 0.8% and utilities ended 0.9% higher.Shares of fuel distributor Parkland Corp rose 5.1% as the company said it would enter into a stock buyback program.

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